China's Economy: Keeping growth with strengthening regulation
[]
02:32
China's top economic planning agency says the nation's macroeconomic performance maintained its positive and stable growth momentum in May. Meanwhile, in terms of certain industries seeing issues during their development, officials also rolled out relevant solutions. CGTN's Mark Fontes has more.
According to an NDRC spokeswoman, food prices fell slightly in May. The average price of 61 closely monitored food items decreased by 1%, compared with the previous month. Pork and vegetable prices declined about 4% and 7% respectively. Meanwhile, electricity consumption increased 11.4% year on year, with experts saying hot weather warranted more use of air conditioning. The prices of industrial products such as steel and product oil rapidly increased, at around 18 and 19 percent year on year respectively. Officials say steel's strong month was thanks to special inspection groups troubleshooting issues like low-quality steel made from scrap metal, and excess capacity of steel.
MENG WEI, SPOKESWOMAN NATIONAL DEVELOPMENT AND REFORM COMMISSION "Our inspection groups went to 21 citie, and found several violations of laws and regulations in some places. We invited some news media to supervise the whole process. Next, we will investigate and punish the violators. Meanwhile, we will set up active detection mechanisms by strengthening the application of technologies. These include remote sensing satellite monitoring and power abnormal monitoring."
Quality improvements and green development of the economy doesn't stop there. The new energy electric vehicle industry has also developed rapidly in the past few years, thanks to a growing market and technology enhancements. However, with new motor trends, officials say there are also problems.
MENG WEI, SPOKESWOMAN NATIONAL DEVELOPMENT AND REFORM COMMISSION "The expansion of the electric vehicle market has brought issues like blind production and mismanagement development. We need to strengthen corporate principal responsibilities and government supervision responsibilities, standardize and guide the investment behaviors of market participants, and prevent the trend of mismanagement development from getting worse. We will encourage fair competition among all market players and support enterprises in carrying out technological innovation and cooperation."
The healthy and stable growth of China's economy must go hand-in-hand with the promotion of high-quality traditional industries, and new industries must develop in a more standardized way. Mark Fontes, CGTN.